Avacta reported results for FY23 but more importantly announced the appointment of Christina Coughlin as CEO wef 1 May, replacing Alastair Smith who is stepping down today. FY23 results were better than consensus at the EPS level. Net cash ended the year at £16.6m, as previously disclosed, which has since been bolstered by the £31m gross equity raise enabling Avacta to fund the AVA6000 programme through Phase 2 clinical trials, as well as advancing other candidates in its pre|CISION™ and Affimer® drug development platforms. Avacta reaffirmed its expectation that the AVA6000 dose expansion efficacy study is on track to begin in 2H24 and the company also expects to disclose further details of other pre|CISION™ based drugs incorporating more potent toxins this year.
30 Apr 2024
Avacta Group - FY23 results, Chris Coughlin appointed CEO
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Avacta Group - FY23 results, Chris Coughlin appointed CEO
Avacta Group PLC (AVCT:LON) | 42.8 0 (-0.1%) | Mkt Cap: 153.5m
- Published:
30 Apr 2024 -
Author:
Colin Smith -
Pages:
3
Avacta reported results for FY23 but more importantly announced the appointment of Christina Coughlin as CEO wef 1 May, replacing Alastair Smith who is stepping down today. FY23 results were better than consensus at the EPS level. Net cash ended the year at £16.6m, as previously disclosed, which has since been bolstered by the £31m gross equity raise enabling Avacta to fund the AVA6000 programme through Phase 2 clinical trials, as well as advancing other candidates in its pre|CISION™ and Affimer® drug development platforms. Avacta reaffirmed its expectation that the AVA6000 dose expansion efficacy study is on track to begin in 2H24 and the company also expects to disclose further details of other pre|CISION™ based drugs incorporating more potent toxins this year.